Rockefeller Capital Management L.P. Grows Stake in Cummins Inc. (NYSE:CMI)

Rockefeller Capital Management L.P. increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 32.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 75,770 shares of the company's stock after buying an additional 18,528 shares during the period. Rockefeller Capital Management L.P. owned about 0.06% of Cummins worth $26,409,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department bought a new stake in shares of Cummins during the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the fourth quarter worth about $27,000. Meeder Asset Management Inc. boosted its position in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new stake in Cummins during the 4th quarter worth approximately $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of recent analyst reports. Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Barclays upped their price target on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. dropped their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Finally, Citigroup decreased their price target on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Cummins has an average rating of "Hold" and a consensus price target of $346.00.

Cummins Stock Up 0.3 %

NYSE CMI traded up $0.81 during trading hours on Friday, reaching $281.37. 624,084 shares of the company's stock traded hands, compared to its average volume of 811,363. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a market cap of $38.76 billion, a PE ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07. The firm has a 50-day simple moving average of $328.65 and a 200 day simple moving average of $345.57.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same period in the previous year, the company earned $4.14 earnings per share. The business's revenue for the quarter was down 1.1% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.59%. Cummins's payout ratio is 25.84%.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.